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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

On December 31, Year One, Giant Company acquired 100 percent of the outstanding stock of Tiny Company. On that date, Tiny was reporting inventory with a cost of \$30,000 (but a fair value of \$45,000) and sales for the year of \$400,000. Upon acquisition, Giant produces consolidated financial statements to combine the two companies. Which of the following statements is correct about these consolidated statements?

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M941537

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